中信证券：美国宏观数据仍处在回落区间

Group 1 - The core viewpoint of the article indicates that while the overseas macroeconomic environment remains resilient, it faces challenges such as economic downturn, persistent inflation, and constraints from incremental policies, leading to a slight dovish shift in monetary policy [1] Group 2 - In the United States, macro data is observed to be in a downturn phase, with economic activities showing signs of early overextension, and inflation beginning to impact consumption and residents' lives, suggesting a significant economic slowdown in the second half of the year [1] - The Eurozone shows some improvement in economic sentiment, but remains at a low point due to tariff disruptions from the United States [1] - Australia's economy is less affected by tariffs compared to the Eurozone, with domestic consumption supporting its economic stability [1] - Japan's economy continues to face high inflation issues, while South Korea's monetary policy is easing, although the short-term effects of tax cuts may not meet expectations [1]